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Protective Life discloses tax reform impact on 2017 financial results

Protective Life Corp. expects its 2017 financial results to include a reduction in income tax expense of approximately $790 million to $800 million as a result of recently enacted federal tax reform.

The reduced expenses will primarily stem from the remeasurement of deferred tax liabilities to reflect the new 21% corporate tax rate. Additionally, due to the anticipated significant benefit caused by this remeasurement, the company expects net income for 2017 to be approximately $1.1 billion.

Protective Life recently announced plans to use the benefits from the U.S. tax reform to provide bonuses to its employees and raise the minimum wage across its employee base.